The Asheville citizen. [volume] (Asheville, N.C.) 1885-1889, 1887-10-11
THE BANKS OF AsuEvILLE AND THEIR RE-
LATIoNs TO TIE INDUSTRIAL PROGRESS

LATIoNs TO TIE INDUSTRIAL PROGRESS
OF THE CITY AND SECTION.
The Bankers Convention which meets
in Pittsburg on Wednesday, and the
announcement that gentlemen represent
ing the banking institutions Of Asheyille
will attend, suggests q few thoughts con
corning Asheville'E phenomenal growth
in banking interests no less than indus
triai. And a review Of the rapid develop
ment of banking enterprise is the bes
indication of the substantial character O
ali other development.
| For years, before and during the war q
branch of the Bank of Cape Fear was
conducted at this place; but the termiRa-
ton of the war also terminated that
institutions; and with the exception of g
| brokerage business, nothing akin tC
banking was done here until 1879.
In this year Mr.. ID. {. Waddell, q gen
t1eman of much experience in banking
came to Asheville-thena village of $500
| Inhabitants, whose people possessed all
/ the aspirations and energies of q people
conscious of the advantages uftlEeir place
! and of its future-with a purpose of sub
mitting 20 our business men a PROPOSE
ton to establish bank. Our place could
not then boast capitalists, as the term is
understood, but all of it's people were
energetic and possessed more or less OF
this worlds goods, and were ever ready
to unite for any local enterprise, which
when aggregated, always accomplished
results. 1t is this unity of purpose and
of means of the men of Asheyil!e which
gave the real foundation upon which the
city has builded s. rapidly. Mr.. Waddell
met 4 congenial spirit in Capt c, 81. Nc
Loud who though large practitioner at
| the bar was oGG Of the active and strong
est supporters and promoters of every
! industrial or financial enterprise which
could help Asheyille or Western Caro-.
lima. Mr.. J. p. Sawyer, then and now
one of our largest and most succ 9ssful
meEchants; Mr.. ]. Z. Rankin another oi
our most successful business men, and
Others, met Mr.. Waddell; and after due
consideration THE BANK OF AsHEvILLE
! was determined upon, with paid UP
capital of S25 900. For these gentlemen
to determine thing means to make it a
reality, and so the Bank Of Asheville was
opened for business on the 10th of April
1879. At the end Of the first six months,
10th October 1879, amount due depositors
was 500, ,634. In October 1880 due deposit
tore Sal ,626; Oct. 1881 $6S,37S. In this
year this capital stock was increased to
$40, GOO; IN 1882 was increased to $50, 900;
and in 1885 to 100000. Now, October
1887 due deposito's S230,000, with 4 cash
surplus of $4,000; it has paid f0ur per
cent. dividends every six months since
its organization. Besides the dividends,
az each increase of capital stock the
surplus fund tken on hand was distribu-
ted to the stockholders which amounted
to between nine and ten per cent. The
officers of the bank are J. P. SAWYER
President, j. +. Rankin Vice-President
and Teller, D. {. Waddell Cashier, Law
renee PulI1am assistant Cashier, Law
renee ?. McLoud Bookkeeper. The par
value of share Of stock is one hundred
dollars, but none can he h d at SI25 per
share. Its management has been such
thst the character CT the Bank of Ashe-
vile is equal to that of any bank in the
United States. And withaI it has been
most potent agency in encouragingtaId
promoting industrial enterprise in Ashe-
vile, indeed the great impulse given such
enterprises which started Asheviiie for
ward so rapidly was given by this Bank
The rapid growth of the city and the
increasing demand for larger banking
faciiitle5 attracted Ji.e attention of Capt.
w. L. Breese, Hon. w. \. Couftnev and
others Of Charleston, :. c., and Mr.. ]. S.
Churchill of New York. These gentle
men met in Asheville, with Capt. G. NJ.
McLOCI, h.r. Thos l. VanGilder of the
extensive hardware house of VanGilder
and Brown of this city, Mr. C. T. Graham,
!, then our largest wholesale Dry Goods
merchant and now proprietor of the &c.
E. Graham Il Co. Manufacturing CO." of
this city, and others, and organized THE
l.
with paid-up capital of 100000. This
| bank was opened for business in Decrm-
ber, 1885, with w. L. Breese as President,
| w. Ii. Penland Cashier The ,irst wear
Ofits existence It's deposits had reached
the handsome sum of$l50,000 and at the
end of its second year 1t viii STOW :;
greatly Increased amount. Capt Brc|se,
the President, was raised III Charleston,
and from lis youth up was connected
with the most successful banks and
bankers OF that city; and h S high char
acteT and splendid abilities were well
recognized by tie prominent bankers of
! Charleston when such men as Geo. w.
Williams, Andrew Simonds, Wy. A
Courtney and others subscribed to and
now own largely the stock of the First
| National Bank of Asheville. This bank
| is doing its full pa;t IN promoting the in
dustrial enterprises Of the place, it's
| officers having the greatest faith in the
advantages and certainties of the fu'ure
of the city and section served at this
point.
In 1886 the French Broad Savings
B nix was established with a paidup cap
ital of $40, 1000, with Mr. G. Z. Graham as
President and Capt Breese as Treasurer.
The success of this bank, though scarcely
| n nl hoe IL ~.
other banks, and is contributing largely
to the good purposes of such an institu.
tuition,
Recently there has been organized un-
der charter obtained with large priyi
Carolina The Western Carolina
Savings Bank, capital stock Of
$40. 900, with privilege to increase it to a
half million dollars. Capt. c. NJ. McLoud
is President, who has retired from The
active practice of the law in order to de.
vote himself 20 this institution. lie has
just had finished, and furnished with the
best bank appointments, one of the hand
soonest and most substantial banking
houses i'll the country, it being a part of
his extensive and elegant Law Building
on Court Square-the latter being erected |
and fitted up for law offices and law
library, and every Office is now occnpicd
The banking house is about completed. |
and in about one month the bank will be |
open for business, with Mr.. Lawrence 2. |
McLoud, a young gentleman of high |
attalnments, strict and intelligent bust |
ness character. as cashier.
Messrs. Sluder and Barnard conduct q
banking and brokerage business most sue. |
cessfully, Mr.. w. W. Barnard managing
the same with intelligence and contribn !